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Independent Investment Advisor Tyrone Ross Speaks With Certified Financial Planners (CFPs) Justin Castelli is Douglas Boneparth on how they are watching bitcoin and what they hear from customers.
Financial planner perspectives
“My biggest concern is that things are moving too slowly,” said Douglas Boneparth, “The horse is out of the stable. Now you have consultants who get criticism from their clients about ‘why am I not here? You told me you have mined bitcoin in 2014 and you … in general you are positive about it. You also told me that you can’t recommend it. … And I don’t want to hear about the SEC and regulations or anything. You are my advisor, I should have been Is there a tolerance here that other customers will have. If you tell them “no” too many times, they will say “no” and fire you. Right now it seems a bit extreme, but if you go five or ten, you have time to leave. your part to see something like bitcoin or cryptocurrency grow … “
“I don’t have a lot of inbound question,” said financial planner Justin Castelli, “but I have a weekly email that I have perfected and sent to clients. I’ll start putting some information there because I don’t know how many of my clients realize. that I’ve spent a lot of time researching them, what do I know, that personally I’m investing in my own. I want them to feel comfortable coming to me, knowing that I know. “
“But it’s pretty interesting,” he continued, “I was doing a review yesterday with a couple aged 58 and 59. They have a lot of money, wondering, ‘what can we do?’, And they saw my bitcoin, litecoin from StockTwits, ripple [the wall of my office], and the wife said she had heard of bitcoin and asked [me] by the way. She was actually very interested in learning more because they have more than enough in stock. They are now at a point where they could afford to do this if they understand it. She’s like, ‘I really like the sound of this, I want to know more.’ Whether he actually does it or not, I don’t know, but it was very interesting because you would think my younger clients would be more excited about this, but yesterday he was a retiree, a former teacher in that, who was interested. “
See also: The Global Macro Case for FA Allocations to Bitcoin With Kevin Kelly
Consultants learn for free:
Bitcoin for Advisors’ goal is to provide investment advisors with tools to better understand bitcoin, talk to their clients about bitcoin, and to work bitcoin in their businesses. We are working closely with professional advisors to create a program that is timely, valuable and usable for the financial adviser community and presented in a way that is targeted and relevant to their interests.
Through a series of keynotes, panels and interactive round tables, we will discuss the investment theses for bitcoin, why young demographics are turning to this asset and how it fits into the current global macroeconomic framework. We’ll also look at the practicalities: how to answer customer questions about bitcoin, how to talk to your bitcoin compliance department, and how bitcoin can help you grow your book. Advisors will walk away from this virtual event with an understanding of how bitcoin fits into the world and their businesses.
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